High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.033 billion and €360 million

WEEK OF JUNE 21

SICPA: €160 million senior notes due 2011 (B-); Credit Suisse First Boston, BNP Paribas (joint); Rule 144A/Regulation S; non-callable for three years; to repay bank debt; Lausanne, Switzerland-based ink manufacturer; price talk 9¾%-10%; pricing Friday.

SEITEL, INC.: $190 million senior notes due 2011 (decreased from 2012) (expected ratings B3/B-); UBS Investment Bank (books), Jefferies & Co. (co); Rule 144A; non-callable for life (increased from non-call-four); to fund exit from Chapter 11; Houston seismic information and technology company; price talk 11 ¼%-11 ½%.

AMERICAN HOME MORTGAGE INVESTMENT CORP.: $75 million Series A cumulative redeemable preferred stock, to be sold as three million $25.00 shares (unrated); Citigroup (books), Friedman Billings Ramsey, Lehman Brothers, Bear Stearns & Co., Stifel Nicholas (co's); non-callable for five years; to be listed on New York Stock Exchange; for general corporate purposes, including mortgage-backed securities investments, also possible debt repayment; Melville, N.Y. mortgage real estate investment trust; price talk 9¼%-9½%.

TPSA EUROFINANCE FRANCE SA: €300 million minimum notes due 2011; BNP Paribas, Deutsche Bank; financing subsidiary of Telekomunikacja Polska SA; roadshow began June 21, stops Wednesday in Paris, Thursday in Frankfurt; talked at mid-swaps plus 65-70 bps.

WEEK OF JUNE 28

BUHRMANN NV: $150 million senior subordinated notes due 2014 (B2); Deutsche Bank Securities (books), ING, BNP Paribas (joint leads); Rule 144A/Regulation S; to help fund tender for 12¼% senior subordinated notes due 2009; Amsterdam-headquartered supplier of office products for the business market and distributor of graphic equipment in Europe; U.S.-only roadshow started June 22; pricing early June 28 week.

MEDCATH HOLDINGS CORP.: $150 million senior notes due 2012 (Caa1); Banc of America Securities, Wachovia Securities, Citigroup (joint), JP Morgan (co); Rule 144A/Regulation S; non-callable for four years; also $200 million senior secured credit facility; to repay debt and general corporate purposes; wholly owned subsidiary of Charlotte, N.C.-based MedCath Corp., a healthcare provider focused primarily on the diagnosis and treatment of cardiovascular disease; roadshow June 21-29.

DUERR AG: €200 million senior subordinated notes due 2011 (B2/B); Deutsche Bank Securities; Rule 144A/Regulation S; non-callable for four years; also €400 million bank loan; to repay bank debt; Stuttgart, Germany automotive parts supplier; roadshow started June 22 in Europe.

HORIZON LINES HOLDING CORP.: $250 million senior notes due 2012 (B3/B-); Goldman Sachs & Co., UBS Investment Bank (joint), ABN Amro (co); Rule 144A; non-callable for four years; also $275 million credit facility; to help fund Castle Harlan Inc.'s acquisition of Horizon Lines from Carlyle Group for $650 million; Charlotte, N.C., container shipping company; Roadshow June 22-30.

ALLIED SECURITY, INC.: $175 million senior subordinated notes due 2011; Bear Stearns & Co.; Rule 144A; non-callable for four years; to fund acquisition of Barton Protective Services and repay debt; King of Prussia, Pa.-based private security company; roadshow June 22-30.

ROMPETROL GROUP NETHERLANDS NV: €250 million senior notes (/B-/B-), three- to seven-year maturity anticipated; JP Morgan; to finance infrastructure investments and repay subsidiaries' debt; vertically integrated Romanian private oil company, based in Bucharest; six-day roadshow started June 23 in Athens.

BELDEN & BLAKE: $192.5 million senior secured notes due 2012; Goldman Sachs & Co.; Rule 144A/Regulation S; non-callable for four years; also $170 million credit facility; to help fund tender for $225 million 9 7/8% senior subordinated notes due 2007; North Canton, Ohio natural gas and oil exploration and production company in Appalachian and Michigan basins; roadshow started June 24; expected to close in July 5 week.

JUNE BUSINESS

US ONCOLOGY: $675 million via Rule 144A: $200 million senior notes due 2012 (B-), non-callable for four years, and $475 million senior subordinated notes due 2014 (B-), non-callable for five years; Citigroup, JP Morgan, Wachovia Securities; also $500 million senior secured credit facility; to help fund LBO by Oiler Acquisition Corp., an affiliate of Welsh, Carson, Anderson & Stowe IX, LP; Houston cancer treatment services company; expected to price in June.

WEEK OF JULY 12

FREESCALE SEMICONDUCTOR, INC.: $1.25 billion in notes in three tranches (expected ratings Ba2/BB+): five-year non-call-two floating rate notes, seven-year non-call-four fixed rate notes, 10-year non-call-five fixed rate notes; Goldman, Sachs & Co, Citigroup, JP Morgan (joint), co-managers to be named; Rule 144A; to help fund spin-off of Freescale from Motorola; Austin, Tex.-based microchip manufacturing subsidiary of Motorola; roardshow starts June 25; pricing expected July 15.

THIRD QUARTER

ROCKWOOD SPECIALTIES INC.: €500-€600 million high yield notes; Credit Suisse First Boston, Goldman Sachs & Co., UBS Investment Bank; to help finance €2.25 billion acquisition of MG Technologies CeramTec, Chemetall, Sachtleben and DNES divisions; Princeton, N.J. chemical manufacturer; transaction expected to close third quarter of 2004.

ON THE HORIZON

STANADYNE CORP.: High yield bonds and new credit facility; Goldman Sachs & Co.; to help fund a leveraged buyout of the company by an affiliate of Kohlberg & Co. LLC; Windsor, Conn. provider of technology and services for engine components and fuel systems; LBO expected to close during the third quarter of 2004.

BOB EVANS FARMS: $190 million debt securities; NatCity Investments; to fund acquisition of Tustin, Calif.-based SWH Corporation (Mimi's Cafe) for $182 million in cash, including assumption of $78.7 million of debt, expected to be completed in July; Columbus, Ohio-based Bob Evan Farms owns and operates 561 family restaurants in 21 states.

AMERICAN EQUITY INVESTMENT LIFE HOLDING CO.: $150 million senior notes due 2014 and 2016 (BB+); Merrill Lynch & Co., Raymond James, Advest, Wachovia Securities; off shelf; non-callable for life; to refinance bank debt and general corporate purposes; West Des Moines, Iowa underwriter of annuity and insurance products; delayed May 7 pending Fitch rating.

HOLLYWOOD ENTERTAINMENT: $600 million: $400 million senior notes $200 million senior subordinated notes; UBS Investment Bank; Rule 144A; to fund acquisition of Oscar by Carso Holdings Corp., a corporation formed by affiliates of Leonard Green & Partners, LP.

PANAMSAT CORP.: High-yield bonds and new credit facility; Credit Suisse First Boston, Citigroup to lead both components; to finance $4.3 billion acquisition by Kohlberg Kravis Roberts & Co. from DirecTV Group Inc., expected to be completed in second half of 2004; Wilton, Conn. satellite operator.

VERIZON HAWAII: New high-yield bonds; also new credit facility to be led by JPMorgan, Goldman Sachs, Lehman Brothers (same banks to lead bond deal, although not necessarily in that order); to fund Carlyle Group's $1.65 billion acquisition of Verizon Hawaii from Verizon Communications Inc.; pending regulatory approvals.

ADELPHIA COMMUNICATIONS CORP.: $3.3 billion 10-year senior unsecured notes; non-callable for five years; part of $8 billion bond and bank loan exit financing from Chapter 11; Deutsche Bank Securities; Greenwood Village, Colo. cable television company.

REFCO GROUP LTD.: Bond and bank deal; financing to be led by Bank of America, Credit Suisse First Boston and Deutsche Bank; to help fund acquisition of company by Thomas H. Lee Partners, in a transaction valued at $2.25 billion; New York City provider of risk management and investment services.

GLOBAL MOTORSPORT GROUP INC.: $85 million senior secured notes due 2008 (B-); Jefferies & Co.; Rule 144A; non-callable for three years; to repay bank debt; Morgan Hill, Calif. aftermarket supplier of motorcycle parts.

LOEWS CINEPLEX THEATRES: senior subordinated notes; Rule 144A; coming with senior credit facility and IPO; IPO via Goldman Sachs, Citigroup, Credit Suisse First Boston and Merrill Lynch; to repay debt and for general corporate purposes; New York City motion picture exhibitor.

DNO ASA: Two new bond loans; to refinance existing bond loans and finance new investment in petroleum licenses, mainly on the Norwegian shelf.

INCOME SECURITIES OFFERINGS IN THE MARKET

ALASKA COMMUNICATIONS SYSTEMS GROUP INC.: $400 million income deposit securities: shares of Class A common stock and senior subordinated notes due 2019; Citigroup, CIBC World Markets, JP Morgan (books), Banc of America Securities, RBC Capital Markets, Jefferies & Co., KeyBanc Capital Markets (co's); proceeds, together with cash on hand, to fund cash payment to existing stockholders and to repay existing credit facility; Anchorage, Alaska provider of fixed line and mobile telecommunications services in Alaska.

ALLIANCE LAUNDRY HOLDINGS INC.: up to $375 million of income deposit securities (IDS) comprised of 20.4 million shares of class A common stock and $116.4 million senior subordinated notes due 2019; also separate offering of $16.2 million senior subordinated notes (Caal/CCC on notes); CIBC World Markets, Lehman Brothers (joint), UBS Investment Bank (co) estimated price $14.00 and $16.00 per IDS; company supplies washers and driers to laundromats.

AMERICAN SEAFOODS CORP.: approximately $674 million of income deposit securities and 15-year notes: 39.5 million IDSs comprised of shares of class A common stock and $171.9 million of notes due June 15, 2019, also separate offering of $27.7 million notes due June 15, 2019; CIBC World Markets, Merrill Lynch & Co. (leads), UBS Investment Bank (joint lead), Credit Suisse First Boston, RBC Capital Markets, Legg Mason, KeyBanc Capital Markets, SunTrust Robinson Humphrey, Piper Jaffray, Wells Fargo Securities, Scotia Capital, Morgan Joseph & Co.; to indirectly redeem additional equity from owners of affiliate, American Seafoods, LP.

B&G FOODS HOLDINGS CORP.: approximately $450 million proceeds from sale of 28.4 million Enhanced Income Securities (EIS), representing 28.4 million shares of class A common stock and $196.2 million senior subordinated notes due 2016; Also separate offering of $26.5 million senior subordinated notes due 2016; RBC Capital Markets, Credit Suisse First Boston, Merrill Lynch & Co. (joint books), Lehman Brothers and Piper Jaffray; registered; to repay bank debt, call $220 million 9 5/8% senior subordinated notes due 2007 at 103.208 and repurchase preferred stock and a significant portion of outstanding class B common stock; Parsippany, N.J. manufacturer of food products.

CARROLS HOLDING CORP.: $475 million Enhanced Yield Securities comprised of shares of common stock and senior subordinated notes due 2016 and offerings of shares of common stock and senior subordinated notes due 2016; Lehman Brothers; proceeds, along new credit facility to repay existing bank debt and $170 million 9½% senior subordinated notes due 2008.

COINMACH SERVICE CORP.: $400 million income deposit securities (Caa1) comprised of shares of class A common stock and senior secured notes due 2024; also separate offering of senior secured notes due 2024; Merrill Lynch & Co.; to redeem part of Coinmach Corp.'s 9% notes, repay bank debt and repurchase class A and class B preferred shares; Plainview, N.Y. supplier of coin and card operated laundry equipment.

DAVCO ACQUISITION HOLDING INC.: $161 million Enhanced Income Securities comprised of class A common stock and senior subordinated notes due 2016, also separate offering of senior subordinated notes due 2016; RBC Capital Markets (books), KeyBanc Capital Markets, Oppenheimer, SunTrust Robinson Humphrey; to repurchase class B common stock from Citicorp Venture Capital, Ltd. and affiliates; subsidiary of Crofton, Md.-based DavCo Restaurants Inc., the largest franchisee of Wendy's International, Inc.

EYE CARE CENTERS OF AMERICA: $375 million Income Units comprised of class A common stock and senior subordinated notes due 2014; Banc of America Securities, Merrill Lynch & Co. (books), Citigroup, Lehman Brothers (co's); proceeds along with available cash to repay credit facility, redeem $100 million 9 1/8% senior subordinated notes due 2008 and $50 million subordinated term notes, also redeem all outstanding preferred stock and repurchase common stock from existing shareholders; San Antonio, Tex. prescription optical retail chain owner.

FAIRPOINT COMMUNICATIONS INC.: $750 million income desposit securities; includes shares of class A common stock and senior subordinated notes due 2019; also separate offering of senior subordinated notes due 2019 (CCC+ notes only); CIBC World Markets, Citigroup, Deutsche Bank Securities (books), Banc of America Securities, Credit Suisse First Boston, RBC Capital Markets, UBS Investment Bank, Wachovia Securities (co's); to repay existing credit facility, fund tender for $115.2 million 9½% senior subordinated notes due 2008, $75 million floating-rate notes due 2008, $193 million 12½% senior subordinated notes due 2010, $225 million 11 7/8% senior notes due 2010; Charlotte, N.C. rural local-exchange carrier.

INSIGHT HEALTH SERVICES HOLDINGS CORP.: $675 million Income Deposit Securities comprised of class A common stock and senior subordinated notes, also separate senior subordinated notes of the same series; CIBC World Markets, Banc of America Securities; to repay bank debt, fund tender for 9 7/8% senior subordinated notes due 2011, establish capital expenditures reserve account and make a payment to InSight's equity investors; Lake Forest, Calif.-based provider of diagnostic imaging and information, treatment and related management services.

IOWA TELECOMMUNICATIONS SERVICES INC.: $725 million income deposit securities comprised of shares of common stock and senior subordinated notes due 2014, also separate offering of senior subordinated notes due 2014; CIBC World Markets, Citigroup, Lehman Brothers, UBS Investment Bank, Jefferies & Co., Legg Mason, RBC Capital Markets; to repay debt; Newton, Iowa telecommunications company.

MERISANT WORLDWIDE, INC.: $700 million income deposit securities comprised of shares of class A common stock and senior subordinated notes due 2019, also separate offering of senior subordinated notes due 2019; Credit Suisse First Boston, RBC Capital Markets, Merrill Lynch & Co. (joint); to repay bank debt, repurchase discount notes, repurchase senior subordinated notes, repurchase class B common stock, fund payments under existing management incentive plans; formerly known as Tabletop Holdings, Inc., Chicago company markets low calorie tabletop sweeteners.

RURAL LEC ACQUISITION LLC: $190 million income deposit securities comprised of class A common stock and senior subordinated notes due 2019; CIBC World Markets, RBC Capital Markets; to repay $81.2 million of long-term notes and $18 million Mid-Missouri Holding long-term notes and for general corporate purposes; Oneonta, Ala. provider of telephone services in Alabama and Missouri, plans to change name to Otelco Inc. before offering closes.

TRANSCORE HOLDINGS INC.: $375 million Enhanced Yield Securities comprised of class A common stock and senior subordinated notes due 2016, also separate offering of senior subordinated notes due 2016; Lehman Brothers; proceeds, along with a new credit facility, to repay existing credit facility, redeem common and preferred stock and make other payments to security holders and employees; Harrisburg, Pa. provider of information technology to toll road operators, state departments of transportation, trucking companies and freight brokers.

UAP HOLDING CORP.: $680 million income deposit securities and senior subordinated notes due 2019: $640 million of income deposit securities comprised of 32 million securities to price at approximately $20.00 per security, to include shares of common stock (valued at $11.41 per share), and $275 million of senior subordinated notes due 2019 (valued at $8.59 per note); also separate offering of $39.7 million senior subordinated notes due 2019 (Caa3 on both debt offerings); Credit Suisse First Boston, UBS Investment Bank, CIBC World Markets (joint), Goldman, Sachs & Co., Merrill Lynch & Co (co's); to take out preferred stock owned by ConAgra and stock owned by company executives and Apollo Management V LP; subsidiary of United Agri Products, the former ConAgra agricultural products business.

VALOR COMMUNICATIONS GROUP, INC.: $875 million income deposit securities: shares of class A common stock and senior subordinated notes due 2019, also separate offer of senior subordinated notes due 2019 (CCC+ on both debt offerings), notes non-callable for seven years; CIBC World Markets, Merrill Lynch & Co., Lehman Brothers (joint), Banc of America Securities, JP Morgan (co's); to purchase subsidiaries' stock and repay debt; Irving, Tex.-based telecommunications provider.

XERIUM TECHNOLOGIES, INC.: $700 million income deposit securities comprised of shares of class A common stock and senior subordinated notes due 2019; also separate offering of senior subordinated notes due 2019; CIBC World Markets (books), Citigroup, Merrill Lynch & Co., Robert W. Baird & Co., Calyon Securities, KeyBanc Capital Markets, Legg Mason (co's); to repay debt, including senior and mezzanine credit facilities and to redeem part of class A common stock; Westborough, Mass. manufacturer of clothing and machinery covers.

ROADSHOWS

June 21-29: MEDCATH HOLDINGS CORP. $150 million; Banc of America Securities, Wachovia Securities, Citigroup

Started June 22 in Europe: DUERR AG €200 million; Deutsche Bank Securities

Started June 22: BUHRMANN NV $150 million; Deutsche Bank Securities

June 22-30: HORIZON LINES HOLDING CORP. $250 million; Goldman Sachs & Co., UBS Investment Bank

June 22-30: ALLIED SECURITY, INC. $175 million; Bear Stearns & Co.

Started June 23 in Athens: ROMPETROL GROUP NETHERLANDS NV €250 million; JP Morgan

Started July 24: BELDEN & BLAKE $192.5 million; Goldman Sachs & Co.

Starts June 25: FREESCALE SEMICONDUCTOR, INC. $1.25 billion; Goldman, Sachs & Co, Citigroup, JP Morgan

RECENT SHELF FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION

AMERICAN BUSINESS FINANCIAL SERVICES, INC.: $280 million shelf filed June 22 for subordinated debentures; to be sold direct to investors; Wilmington, Del. sub-prime home equity lender and business loan servicer will use proceeds to repay existing subordinated debt and to fund operations including operating losses.

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